Southwest Airlines Reports November Traffic

The Company flew 10.8 billion revenue passenger miles (RPMs) in November 2017, an increase of 3.4 percent from the 10.4 billion RPMs flown in November 2016. Available seat miles (ASMs) increased 2.5 percent to 12.6 billion in November 2017, compared with November 2016 ASMs of 12.3 billion. The November 2017 load factor was a record for the month of November at 85.8 percent, compared with 85.1 percent in November 2016. Based on these results and current trends, the Company now estimates its fourth quarter 2017 operating revenue per ASM (RASM) will increase in the one to two percent range, as compared with fourth quarter 2016.

This release, as well as past news releases about Southwest Airlines Co., is available online at Southwest.com.

Cautionary Statement Regarding Forward-Looking StatementsThis news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include, without limitation, statements related to the Company's financial outlook and projected results of operations. These forward-looking statements are based on the Company's current intent, expectations, and projections and are not guarantees of future performance. These statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) changes in demand for the Company's services and other changes in consumer behavior; (ii) the impact of economic conditions, fuel prices, actions of competitors, and other factors beyond the Company's control, on the Company's business; (iii) the Company's ability to timely and effectively implement, transition, and maintain the necessary information technology systems and infrastructure to support its operations and initiatives; (iv) the impact of governmental regulations and other governmental actions related to the Company's operations; (v) the Company's dependence on third parties; (vi) the impact of labor matters on the Company's business; and (vii) other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016.

Southwest Airlines Co.

Preliminary Comparative Traffic Statistics

NOVEMBER

2017

2016

Change

Revenue passengers carried

11,399,727

10,706,597

6.5%

Enplaned passengers

13,583,142

12,920,523

5.1%

Revenue passenger miles (000s)

10,797,426

10,442,859

3.4%

Available seat miles (000s)

12,577,687

12,274,065

2.5%

Load factor

85.8%

85.1%

0.7 pts.

Average length of haul

947

975

(2.9)%

Trips flown

111,690

108,860

2.6%

YEAR-TO-DATE

2017

2016

Change

Revenue passengers carried

119,178,821

114,158,606

4.4%

Enplaned passengers

144,333,045

138,895,109

3.9%

Revenue passenger miles (000s)

118,328,128

114,352,579

3.5%

Available seat miles (000s)

140,943,008

135,876,264

3.7%

Load factor

84.0%

84.2%

(0.2) pts.

Average length of haul

993

1,002

(0.9)%

Trips flown

1,234,442

1,199,384

2.9%

SW-T

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